Macklem and company won't love this number. Canadian inflation has surprised to the upside at 4.4% in April. The market expected 4.1%.

* Trigger risk fades: Of the 1 in 3 mortgages with floating rates, about 75-80% have fixed payments, and about "three-quarters" of fixed-payment variables have hit their trigger rate, estimates Desjardins Economics. The BoC's pause has eased trigger rate concerns, but if rates do resume higher "

Canada's mortgage rate market has been deader than a mausoleum. Leading 5-year uninsured rates haven't changed for weeks, and the only nationally-best offer that moved this week was the insured 4-year fixed, up five bps. Mortgage rates have been in limbo largely because yields are stuck